Purchase · Refinance
Renovation & Rehab Mortgage Loans
A renovation loan finances the purchase of a home and the cost of improving it in a single loan, with renovation funds released as the work is completed.
Your secure application is with Cornerstone First Mortgage, LLC (NMLS #173855). Starting an application is not a loan approval or a commitment to lend.
How Daniel explains it
Daniel has bought, renovated and sold homes himself and has coordinated contractors in phases. So when a buyer says "no, no, no" to a house that needs work, he asks them to price the work first.
The house that needs work is often the better long-term buy, and a renovation loan lets you finance the purchase and the project together instead of draining your savings.
How a renovation loan works
- One loan covers the purchase price and the planned renovation costs.
- Renovation funds are held and released in stages as work is completed.
- Contractor bids and a renovation plan are part of the application.
- Fixed-rate and adjustable-rate options may be available. Some options are also available for refinancing a home you own.
When a renovation loan may fit
- You're buying a fixer-upper or an older home that needs updates.
- You want to finance improvements without a separate loan.
- You have, or can get, solid contractor bids.
What to know about a renovation loan
- The property, the project and the contractor all need to meet program requirements.
- Renovation timelines and draw schedules matter. Daniel will explain how funds are released.
- Plan for contingencies. Projects can cost more or take longer than expected.
Straight answers
Renovation & Rehab Loans questions, answered
How are renovation funds paid out?
Funds are typically held in an account and released in stages, called draws, as each phase of the work is completed and inspected.
Can I do the work myself?
Most programs require licensed contractors. Daniel will explain the rules for the specific program that fits your project.
Eligibility depends on borrower, property, and program requirements. Interest rates, products, and loan terms are subject to change without notice. Not affiliated with or acting on behalf of HUD/FHA, VA, USDA, or the federal government. Program availability and eligibility requirements apply.
Compare
Related mortgage programs
Purchase · Refinance
FHA Loans
FHA loans are insured by the Federal Housing Administration and offer flexible guidelines that can fit buyers who are still building savings or credit.
How it worksPurchase · Refinance
Fixed-Rate Mortgage
A fixed-rate mortgage keeps the same interest rate for the life of the loan, so the principal and interest part of your payment never changes.
How it worksHomeowners
Cash-Out Refinance
A cash-out refinance replaces your current mortgage with a larger loan and gives you the difference in cash, using the equity you've built.
How it worksReady when you are
Your mortgage starts here.
Ready to take the next step? Start your secure application. Not sure which program fits? Contact Daniel's team and he'll walk through your options in plain English.
Your secure application is with Cornerstone First Mortgage, LLC (NMLS #173855). Starting an application is not a loan approval or a commitment to lend.